Smartwatch Market

Global Smartwatch Market Size (2023 to 2028)

As per our market analysis report, the global smartwatch market size has been estimated to be worth USD 67.79 billion in 2023. Furthermore, it is projected to reach USD 157.21 Billion by 2028, registering a compound annual growth rate (CAGR) of approximately 18.32% during the forecast period.

Smartwatches are wearable devices worn on the wrist and have various functions like identifying heart rate, blood pressure, emails, and messages. Smartwatches are portable wearable devices with a touchscreen display and various apps to control and access one's mobile phone. An IoT-integrated smartwatch is a new trend and will operate by interacting with other IoT devices, which will serve as a critical feature to improve users' lives. Kaa Cloud is an IoT platform easily integrated into wearable devices through microchips. In addition, wireless technology such as Bluetooth, WI-FI, and GPS plays an immense role in operating smartwatches remotely as it establishes connections between smartphones, laptops, and tablets.

MARKET DRIVERS:

Growing demand, usage of fitness devices, increasing awareness, and high R&D investments by the top companies primarily drive the global smartwatch market growth. As per recent smartwatch market trends, the demand for and usage of smartwatches are increasing yearly. As per theverge.com, Apple Company manufactured and delivered 31 million units of its smartwatches in 2019, which is an increase of 36% from 2018. An estimated 2.1 million smartwatches were manufactured and sold in 2013 with the new generation in mobile technology, and around 85 companies sold 7 million smartwatches worldwide in 2014.

The growing prevalence of cardiovascular diseases is estimated to favor the global smartwatch market growth. According to WHO, nearly 17.9 million people die annually from cardiovascular diseases. Smartwatches have tech advancements that monitor and track heart health, which is estimated to support market growth. Additionally, the rising demand for portable fitness wearable devices among athletes/sportspeople/gym-goers and other consumers worldwide and measuring different physiological parameters through smartwatches are key driving factors for the market to grow. Besides, the smart market is accelerated by rising health awareness among consumers globally and the entrance of new market players focusing on technological advancements.

Furthermore, smartwatches help doctors immediately give critical and complex information to set up growth opportunities for the market. Acceptance of advanced technologies and the introduction of accelerometers in smartwatches, which can be used to detect epilepsy seizures and other conditions resulting in quick & effective treatment the patients, are the other factors to bolster the market growth.

MARKET RESTRAINTS:

Lack of consumer awareness about a smartwatch's utilities impedes the market's growth rate. In addition, technological and device complexity are other restraints for the smartwatch market. Also, the high cost of the devices and lack of robust internet connectivity hinder the global market growth. However, with the advancement in telecommunication, electronics and information technology, the major market participants and the start-ups of wearable devices will overcome the challenges and contribute to the growth of the smartwatch market in the coming years.

Impact of COVID-19 on the global smartwatch market:

In recent times we have seen that there has been a severe downfall in almost all sectors of the economy due to the sudden outbreak of the COVID-19 pandemic. As a result, many activities related to the manufacturing industries have been stopped and postponed. But in the case of the pharmaceutical industry, it has created a positive impact on market growth.

The World Health Organization (WHO) announced COVID-19 as an emergency healthcare issue in March 2020. pandemic time has sparked wearable devices like smartwatches, and there has been a significant rise in wearable devices like smartwatches, creating a revolution in patient healthcare. Smartwatches are very effective in detecting the physical activities of an individual. As a result, many people focused on maintaining fitness during the pandemic by monitoring physical activities. This has led to propelling the demand of the market. In March 2020, scientists came up with a new DETECT study to investigate if wearable devices such as smartwatches and fitness trackers might detect COVID-19 symptoms.

However, smartwatch usage has increased in medical treatments during the pandemic to monitor COVID-19-affected patients' activities. Smartwatch features enable doctors to know the condition of the patient regularly. In addition, the demand for wireless devices has surged with a rapid increase in internet connectivity. In March 2020, the ECG manufacturers introduced a crowdsourced data campaign to use ECG watches. However, it is expected to have a significant share over the forecast period.

REPORT COVERAGE:

This research report on the global smartwatch market has been segmented based on product type, application, and region.

Global Smartwatch Market – By Product Type:

• Extension
• Standalone
• Classic

Based on the product type, the standalone market segment is predicted to dominate the global smartwatch market during the forecast period due to the awareness of the advanced versions of the products at affordable prices. Besides, the rising consumption rate of smartphones and laptops is also spurring the growth rate of the global smartwatch market.

Global Smartwatch Market – By Application:

• Personal Assistance
• Sports
• Medical
• Others

Based on the application, the medical segment is expected to register the highest growth rate in the global smartwatch market during the forecast period. Health monitoring is of significant importance for wearable devices. Fitness enthusiasts are checked for necessary parameters, whereas patients benefit from these devices by regularly keeping track of their health conditions. The rising incorporation of technologies to measure different physiological parameters, such as ECG, Heart Rate, Blood Pressure, Blood Glucose, etc., is another factor contributing to the growth of this segment to an extent.

Global Smartwatch Market – By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • India
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Rest of APAC
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Chile
  • Rest of LATAM
• The Middle East and Africa

Geographically, the North American smartwatch market captured the largest share of the global smartwatch market in 2022 and the lead of the North American region in the worldwide market is expected to continue throughout the forecast period due to increased technological applications. The United States, being the first country to implement and integrate virtual SIM cards in smartwatch technology, has thus become the hub for the manufacturers to use standalone smartwatch technology and is a boom for the market developers. Also, North America's highly obese and overweight population increased smartwatches' use to track parameters like the number of steps, calories burnt, pulse rate, etc. This significantly influences the demand for smartwatches in this region. Furthermore, the increased integration of IoT in smartwatches is another reason for the market's growth in this region.  

The European smartwatch market is anticipated to account for a substantial share of the global market during the forecast due to industrialization, urbanization, and increasing disposable income.

During the forecast period, the APAC smartwatch market will be the most lucrative regional market worldwide. However, the Indian smartwatch market is predicted to grow at a healthy rate during the forecast period. According to a source, an estimated 36% of the Indian Smartwatch market share in Q1 2019 was accounted for by Apple Watches.

The Smartwatch Market in the Middle East and Africa is expected to have an inclined growth rate from 2021 to 2026.

KEY MARKET PARTICIPANTS:

A few notable manufacturers profiled in this report that dominate the global smartwatch market are Apple Inc., Google Inc., Garmin, Fitbit, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, and Huawei Technologies Co. Ltd.

These players continuously work on technological advancements and product innovation to maintain and stabilize their market position and gain a better global smartwatch market share.

The demand for smartwatches dropped slightly at the beginning of the pandemic time of COVID-19. However, now that lockdown restrictions have been lifted in many countries, many companies are trying to launch their new devices and enter unique approaches to maximize their market share. Furthermore, the analysts at Market Data Forecast show that the intense levels of the smartwatch market competition are expected to see aggression during the forecast period.